Bitcoin drops to 11-week low and ADA continues to hit records
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Answer Bitcoin drops to 11-week low and ADA continues to hit records
In early trading on Sunday, bitcoin prices fell to their lowest levels in more than 11 weeks, reaching the level of $46,700 before a slight recovery occurred.
The last time Bitcoin dropped to this level was at the end of February during the second major correction to this rally.
The bounce from this bottom sent the bitcoin price above $60,000 for the first time in the next two weeks.
Bitcoin price drop:
This time, things are looking a little different since Bitcoin’s all-time high of $65,000 on April 14.
Bitcoin made a lower high and now formed a second lower low, indicating the development of a larger downtrend.
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Analyst CryptoFibonacci has been watching the weekly chart which also indicates that the bulls may lose steam.
The latest drop was prompted by Elon Musk, who tweeted about Bitcoin’s energy consumption on May 13.
The Bitcoin Fear and Greed Index drops to 20, meaning the index indicates “extreme fear,” the lowest level since the market crash in March 2020.
At the time of preparing this article, Bitcoin is trading at less than $49,000, down 15% over the past 7 days.
Cardano ADA Coin Continues to Reach New Highs:
As usual, Bitcoin’s decline contributed to a selloff of the majority of other cryptocurrencies which drove about $150 billion out of the markets over the past day or so.
Total market capitalization fell to $2.28 trillion after an all-time high of $2.5 trillion on May 12.
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Things are still high in the long term but losses could accelerate quickly if bearish sentiment increases.
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Not all cryptocurrencies corrected this weekend, but some continued to climb and make new highs.
Among the weekend warriors, we find the ADA cardano coin which rose to a new record, as the coin rose by 15.28% in the last 24 hours and is currently trading at $2.43 according to coinmarketcap.
The ADA cryptocurrency hit an all-time high hours ago and reached $2.46, up 70% over the past 30 days.
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